Absa is considering South African Reserve Bank deputy governor Daniel Mminele as a potential replacement for departing CEO Maria Ramos, according to people familiar with the matter.<\/p>\n
The country\u2019s third-largest lender is seeking a permanent replacement for Ramos, who is stepping down later this month after a decade in charge.<\/p>\n
Her successor will be responsible for leading Johannesburg-based Absa as it embarks a new era, after former parent Barclays Plc sold down a majority stake.<\/p>\n
Mminele is one of a select number of shortlisted candidates for the job, said the people, who asked not to be named as the deliberations are private.<\/p>\n
The 53-year-old has been a deputy governor of South Africa\u2019s Reserve Bank for almost a decade and is responsible for financial markets and international-economic relations.<\/p>\n
He has worked at the institution in various positions since 1999. His current term expires in June, and he would be subject to six months of so-called gardening leave.<\/p>\n
“I will not comment on market speculation,” Mminele said in Cape Town, when asked if he is a candidate for the position. Absa declined to comment.<\/p>\n
The lender\u2019s shares extended gains, and traded 2.5% higher at 13:05 in Johannesburg, valuing Absa at R148 billion ($10.7 billion).<\/p>\n
Black CEO<\/strong><\/p>\n Mminele was educated in Germany and at the London Guildhall University before stints at African Merchant Bank Ltd. and Commerzbank AG.<\/p>\n He was seen as one of the favorites to succeed Gill Marcus as head of the central bank in 2014, a job that went to Lesetja Kganyago. If appointed by Absa, he would be the lender\u2019s first black CEO in its history.<\/p>\n Absa executives are making plans to increase market share in South Africa in the aftermath of Barclays selling down its controlling stake, particularly in the mortgage industry.<\/p>\n The lender is prepared to take on more risk to make up ground lost under the wing of the U.K. parent, which took a majority stake in 2005, retail and business banking head Arrie Rautenbach said in an interview last month.<\/p>\n Ramos will be replaced on an interim basis from March 1 by Ren\u00e9 van Wyk, a former colleague of Mminele\u2019s at the Reserve Bank.<\/p>\n The outgoing CEO – who helped draw up South Africa\u2019s constitution and served as a director-general at the Ministry of Finance under the late President Nelson Mandela – led Absa through a number of milestones including the financial crisis and acquisition of eight of Barclays African units for R18.3 billion ($1.3 billion) in 2013.<\/p>\n
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